tv Forbes on Fox FOX News June 25, 2016 8:00am-8:31am PDT
developments are coming in fast and furious after the uk br brex brexit. french president says the british vote pose nug questions for the planet. okay, he's planetary. he is voeing to maintain relations with fwraet britain particularly with migrants crossing between the two countries. the europe central bank is warning britain's financial industry it could lose the right to service clients in the european union. that could with a big problem. jpmorgan, which has 16,000 workers in the uk says it's goin to don't maintain a large presence in london regardless of the threats and after the dow's
600 point plunlg on friday, there is talk the uk could keep the fed on hold. also reports of the european central bank could be forced to provide more stimulus, r meaning printing more ur os ur os. that could be a problem. european union is our biggest trading partner with $700 billion of business each year. lots of u.s. companies have exposure. what does that mean for our jobs here? here with analysis, retail analyst, "wall street journal" reporter, shell by holiday and scott martin and jonas ferris. so, are you worried? >> i am extremely worried about this whole thing. i think what is happening is dismal and to say the least and i think what's really happening, you have to think about the affiliate corporate profits that's happening in the investment in the uk and in europe. it's about 9% of global
corporate profits. $153 billion. that's the type of money they're going to be losing. i know the argument is that we're going to get even more profits coming into the uk because they're not going to be paying that tax going into the eu, but that's not going to cut it. especially for us here in united states. >> scott, would companies lose money, they often fire workers. is that going to happen? >> david, i think it's coming and let's take that whole issue with revenues further. when you go overseas and sell a good, if you're a u.s. company, you sell it in that local currency. whether it's say the pound sterling in the uk, the ur o in the ur ozone. when that economy weakens, the value of that currency, that local currency in europe goes down. therefore, when you sell a good in europe and you're a u.s. company, you bring back that revenue and you have to convert it to dollars. that hurts your earnings because you're not bringing back as much you once were when that was worth more money.
>> i hate that term, stimulates. growth rates around the world are terrible. despite all the money printing these central banks have been doing, so it's not really a stimulus. they think it's doing good, but it's not doing good. jonas, could this affect u.s. jobs though? as we were talking a ethan, it really, when companies have less money, they want to cut jobs. it hurts shareholders. not earning as much money, however, other, there's for the tourism industry, gets a lot of tourism. from a county tray that's at a curran ski that's the level at the dollar when miami vice was on the air. that's going to lay off some tourism. london in particular will be hard hit because that was
supposed to be the new financial center. that was before -- that's never going to happen now. that's not -- >> hold on a second. those are some rollover that. shelby, is it possible that london, which had become the financial capital of europe, could lose that financial status? >> it's absolutely possible and we see banks threatening to move jobs to berlin and france, get them out of the uk because there's a big question marker in surrounding trade and currency. those tr two things that companies and countries are really looking at. in terms of the negotiation. >> i made be focusing too much on london, but i want to make it simple. maybe this is too simplistic. but they speak english in london. that's where english came from. we speak english here. we care about doing banking in a place where they speak our language. is that important? >> it's important. britain didn't vote itself off the planet. just voted itself out of the the eu, but because the european union and common currency and a
trade agreements that they have right now are changing, that could change london's position as a global financial center. >> the question is how are goods take shocks because right now, some say oh, we're okay. the president is talk iing abou how doom and gloom folks are overdoing it. maybe so, but on the other hand, look at this. the economic growth has not been doing well. >> here in the country, we felt like we were just coming out of the clear here with the horrible recession we've been in and all of a sudden, this ripple effect is going to have a major imact on it. gl it's going to drive us into a recession. >> yes. you add corporatement into the uk and eu with $588 billion, so when you don't have that going in because it's just currencies make it too expensive, what's going to happen? jobs are going to go away. people aren't going to, there's expansions not going to happen. those jobs people were anticipating, not going to
happen. >> scott, let us not forget the last month's job figures, which were terrible. we were expegting closer to 200,000. something like 33,000 new jobs. could it get worse? could we have a negative growth? go into a recession? >> yeah, the big picture data has turned over and one other thing, too, you look at company earnings reports these days, there's limited visibility before brexit. now if you're a company like ford or xerox or ebay that's going overseas, you've just lost a tremendous amount of visibility just like we lost miami vice a couple of decades ago. >> forget about it. shelby's too young for miami vice. >> yeah, i don't know what you guys are talking about. actually, the biggest threat of recession is not just britain leaving the eu, but the subsequent, the momentum of this euro skepticism and whether or not france or italy will want to
leave. if all of these european countries decide they want out, that could be tremendously troubling for t financial world. >> jonas is dying to get in. five seconds, jonas. >> look, the eu is like the hotel california. you can check in anytime you want, but never leave. >> don't tempt those countries. >> all right. golden old dis right here. after his victory, uk independent party leader has a choice words for our president here. wait until you hear this. and was this the reason he won? look at that. that is elizabeth hurly, the actress on the brexit side, urging people to get out and vote in a kind of interesting way. rob leach is here on that. life insurance automobile insurance i spent 20 years active duty they still refer to me as "gunnery sergeant" when i call being a usaa member because of my service in the military to pass that on to my kids something that makes me happy
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leave the eu after the president told them to say. lee saying he hopes our leader is listening to those loud and clear messages. he joins us now from los angeles. congressman, first of all, i think they're kind of connected. immigration and the president's view of globalization. you know, he, these are very connected, interconnected issues here. he kind of wants to globalize the united states in a way that i don't think a lot of people want it to be globalized. do you? >> well, you're right. and the dynamic we saw with the vote in britain was in many facets related to imfwrags. here in the united states, it's a huge i guessue and it relate debate with regard to national security. with regards to economic growth. immigration isn't just isolated to a debate on what the right immigration policy should be. it has impacts in a lot of other top priorities. not just for americans right now, but for voters in november. >> the fact is is whwhat we hav
turned our country into over the past 40, 50 years is not just president obama, but democrats and republicans. making it almost a welfare state in the sense that any immigrant who arrives is almost immediately entitled to call kinds of benefits, so there is a cost to their freedom. right? >> there is a financial cost. for people who are here in this country legally. and they're unable to make enough money in order to make ends meet for that business owner who wants to follow the rules and pay taxes, which result in them not being able to compete with another business, breaking the rules and hiring people who aren't supposed to be here, illegally, for wages below average and for the added benefits for that person who wants to send their son or daughter off to school. but they can't afford to. because we're paying to pay for someone else who isn't in the country illegally. all of the --
>> congressman, it's that kind of inequity that really drove the vote overseas as well because they have to say, it could well be argued that welfare system in europe is far beyond even what we have here. so i'm just wondering if that led to the you know, the president went over there trying to convince them not to do the brexit. they did it any way. kind of in your face. and nigel, we've been talking about, the leader of the uk independence party, he had this to say about what president obama said earlier. listen. >> how dare the american president come here and tell us what to do. and it backfired. and i think we got obama brexit bounce because people do not want foreign leerds telling them how to think and vote. >> what do you think of those remarks, congressman? >> yeah, it really points out that the president of the united states should be standing strong with our ally and supporting them with records to whatever decision they want to enter into.
this is not president obama's decision. he shouldn't be trying to influence and quite frankly, the leadership in britain in favor of staying inside the eu, they never really made a compelling argument to stay, so, while the president is watching that, the right answer is to let brthem g out on their own. what we see in europe with regarding to immigration, the economy, health care, taxes, education, on so many different levels, and we saw a lot in the bernie sanders campaign, europe is so further south than where the united states is right now. yet leaders here in america want to take our country there. if leaders in the united states want the united states to be more like europe, they really should go live in europe because these policies are destroying their continent and we're watchinging this. this is what the united states would look like five years from now or ten years from now, if we don't take a and and take back
some people there are taking political advantage to the decision. london's former mayor, bors johnson, is one of the leaders behind the leaving eu movement. and as amy kellogg knows, he is quite the colorful character. the guy with the bushy blond hair. hi, amy. >> hi, david. the press and a lot of people here refer to him as bojo and he's known for his theatrics and
his original -- when he was asked once by a reporter about his ambitions to become prime minister, he said the chances were as great as him being reincarnated as an olive, but now, the bookys are prasing, who knows why, but that's very boris johnson like. they're saying that he is the, that the best. the likely successor to david cameron. take a look at what the french think. they show him here in the newspaper today. their summary of the brexit vote and the hope for the future a. they dredged up some unforgettable pictures of johnson riding a zip line in london when he was mayor. he was mayor of london for eight years and never shied away of him whooping it up. there he is down and dirty playing rugby with the lads.
he was born in new york and recently renounced his u.s. citizen after butting heads with the irs. highly educated. a long time journalist who has long had ambitions of moving in. many say the decision to join this camp looks like a master stroke because this may land him at the top of british politics and here he was making his final pleas for prex it. in the campaign bush before the referendum. >> it's our last chance to sort this out and take back control. if we don't vote to leave tomorrow, we'll remain locked in the battle of the car, driven in an uncertain direction. to a place we don't want to go. and perhaps by a driver who doesn't speak the best of english. >> now, david on the morning after the referendum, he was booed outside his home acco
accordinging to the bbc. pelted with a hail of insults. now, since the victory, it's been widely observed he has taken on a much more prime ministerial demeanor. we'll just have to wait and see, but ipg we've heard that line before, haven't we? >> we have, indeed, and it's interesting how the u.s. and britain parallel each other. we may have two leaders with these sort of trang blond hairdos. we tend to pattern ourselves after each other. amy kellogg, great to see you. thank you very much. meanwhile, a lot of folks are celebrating in the uk, including some celebrities and there is a question about one of those celebrities. elizabeth hurley have something to say? she tweeted this risque picture supporting the vote before the british people did what they suggested she should do. robin laesh is a british tv personality joining us from las
vegas. do you think the picture had anything to do with the outcome of the vote? >> certainly in england. that's the kind of photos that the british love to wake up to in the morning, so i think it probably took it over in favor of the exit. >> well, you see her there squeezing, i presume, you're supposed to presume she's naked, but squeezed a pillow close to her heart. i get the impression that she was in a minority. most of the celebrities over there in favor of maintaining the union? maybe i got it wrong. >> i think 50-50, david, to be honest. beck ham was on one side saying stay in and elizabeth was on the other saying get out. those two are in linked by the way. let's be honest. london has not fallen. big ben is still there chiming on the hour and flights are still landing in london airport. this is all fear mongering and
rousing for the first weekend. it's going to take two years to unwind all of this. a lot of thing rs going to happen in two years and i don't think two years from now when you and i are sitting talking about it, one, we will be remembering elizabeth hurley and the cushion. >> i don't know, i may remember by then. >> my mind's going at this age. but i think these things will all get sorted out. the majority of people in britain did not want to be told by the foreigners of europe what to do. as boris johnson said, where to go. we had enough of that in two world wars and we put a stop to it this then and we will now. >> i want to bring it back the celebrities for a second. because you see a lot of that going on here. people like sean penn, oliver stone. jane fonda was doing it since the '60s, but american people tend to discount i think the celebrities realizing that maybe
they don't have the inside track of what's right and wrong. politically. do they do the same in britain? >> basically, yes. they think showbiz folks are a little pompous, out of touch. you know, it's interesting that over here, we have tars like streisand and sean penn talking about global warming and the footprint of carbon and yet, they're the first people to jump in a private plane and waste $80,000 on a round trip to new york. so, we tend to discount them here and we do in britain. not very knowledgeable. >> remember the dicaprio thing where he took the private jet to the summit on global warming, just talking about carbon fot print. i think that's discounted by the public, but it doesn't stop them from speaking out nor should it, right? >> nor should it. the great thing is is you have to remember about britain is that when a young lady allegedly takes off her clothes and poses
in a provocative manner,s that's going the make people wake up and pay attention, so she picked the right way to do it. >> wonderful to see you. thank you very much. >> appreciate it. >> the media dismissed the brexit move and look at what happened. they were wrong again. as they dismiss trump perhaps as well? we'll go into that coming up.
turned out donald trump was in the perfect place at the perfect time. everybody doubted why is he going to england, scotland, in the middle of a presidential campaign, but he was the first person to talk about the brexit on friday morning before the president, before hillary clinton. and he is still there. greg is is there in aberdeen, scotland with the latest. how long is he going to be there, greg in. >> i think he's leaving this afternoon, scottish time.
but yes, we just got back from a round of this golf course with donald trump. we weren't playing with donald trump, we were actually listening to him talk and show off this course, which is one of the two courses that he owns. he reopened another big one yesterday on the other side of scotland. you're right. people were saying why go to scotland in the middle of a presidential campaign, but just as he landed yesterday, the results came out of that vote to leave or stay in the european union and he hung on to that. he said this was a good decision. and it's right out of donald trump's playbook with concerns here about immigration, bureaucracy, about big government. this is a little bit of our exchange about brexit that i had with him a short while ago. >> i think the people have to make a decision. they made their decision. i e felt they would and they made the decision and long-term i think they'll be happy. >> he had more to say about
brexit of course slamming president obama's intervention about six weeks ago, where he came over to the uk and said you should stay inside the european union. hillary clinton as well. he was in fact asked about land and brexit. scotland voted to stay inside of the european union and they might now become an independent because of that. he said well, that's a good thing and there will be more european union countries who will break away from the eu as well. he was predicting. david, not everyone loves this donald here on this side of scotland. we met up with a small group of university students who were protesting, kept a good distance away from the events here on the golf course. they're concerned about his rhetoric and some of the things he's done here, environmentally, local neighbors, others have been said about some of the things he's done with his course as well as some